BANKS GREENWASH
Pollution

Bank of America CEO Brian Moynihan is one of the members of the US CFWG: 

The coalition of banks, insurers and Wall Street trading firms making up the so-called U.S. Climate Finance Working Group say they back the international goals of the Paris Climate Agreement, but that officials should resist growing pressure to use banking regulation to restrict financing to certain industries. "We have to have a balanced, fair transition across the globe and realize it's going to take time and investment and innovation," Bank of America CEO Brian Moynihan said at the virtual event hosted by the Institute of International Finance. "And that's what capitalism brings."

 

Moira Birss, a leader of the Stop the Money Pipeline coalition, which is calling on lenders and insurers to stop supporting fossil fuel production, said "if we leave climate policy up to Wall Street firms, we won’t get the rapid decarbonization necessary for a livable planet." 

"Since Wall Street is unwilling to shift capital from the very industries causing this planetary crisis, the Biden administration must use its supervisory and regulatory power to force them to do so, for the good of the financial system and the planet," she said.

BlackRock CEO Larry Fink, one of finance's most outspoken advocates for using markets to address climate risk, warned against "a full divestiture of hydrocarbons," which he called "greenwashing." "It doesn't change the net-zero of the world," he said. "If a public company sells off a lot of their hydrocarbon business to a private entity, the world doesn't change."

So, we have a new definition of greenwashing - which doesn't apply to banks who carry on supporting fossil fuels as long as they say they do???

read more: politico.com

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Trash on Beach

Noel Quinn says "Climate Change  is bigger than any institution or industry"

Noel Quinn, CEO of HSBC, says in coming together, we recognise the critical role our organisations play in the fight against it. [we are] committed to accelerating efforts within the banking sector, recognising its catalytic role across all industries, to move towards a net-zero economy.” more here

 

Well done Mr Quinn, you have been invited by HRH The Prince of Wales, along with executives from some of the world’s largest banks, to join the Sustainable Markets Initiative’s (SMI) Financial Services Taskforce (FSTF), to develop meaningful plans to help accelerate a transition to a sustainable future.

Fantastic. It's just a shame that although HSBC's 2020 fossil fuel investment was slightly down on 2019,  between 2016 and 2020, HSBC invested $110 billion in financing fossil fuels. That's since the Paris Agreement. It'll be interesting to see what happens in 2021 when the world economies start to return to pre-pandemic levels.

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